Investor Presentaiton

Externally valued¹ MEDICAL INSURANCE BUSINESS VALUATION OVERVIEW VALUE DEVELOPMENT OVERVIEW | 3Q21 (GEL MILLION) Change q-o-q +6.0% +4.5% +5.5% 3 47 44 21 68 IMPLIED LTM P/E MULTIPLE DEVELOPMENT 12.3x 12.3x Enterprise value 30-Jun-21 Increase in EV Enterprise value 30-Sep-21 Excess cash Equity value 30-Sep-21 30-Jun-21 30-Sep-21 VALUATION HIGHLIGHTS GEL million, unless noted otherwise 30-Sep-21 30-Jun-21 Change 31-Dec-20 Change Valuation method Combination of income approach (DCF) and market approaches¹ LTM Net income 5.5 5.2 0.3 6.4 Implied P/E multiple 12.3x 12.3x Equity value 67.5 64.0 LTM ROAE2 17.8% 18.6% 3.5 -0.8ppts 10.1x 64.9 24.2% (0.9) 2.2x 2.6 -6.4ppts Georgia Capital PLC | 1. The independent valuations of the large portfolio companies are performed on a semi-annual basis. In 3Q21, our private large portfolio companies were valued internally by incorporating 3Q21 results, in line with IPEV guidelines and methodology deployed in 1H21, by a third-party independent valuation firm. 2. Adjusted for non-recurring items. GEORGIA CAPITAL 61

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